The two-inch (five-centimeter) fungus, similar to its distant contemporary descendants, was found in Brazil, then part of the supercontinent Gondwana.
The enormous landmass later broke up to form South America, Africa, Antarctica, India and Australia.
Studying the fossil under an electron microscope, scientists found that the ancient mushroom had gills under its cap as well as spores, which help identify fungus species, said Sam Heads, a paleontologist with the University of Illinois Urbana-Champaign who co-authored the study in the June 7 issue of the journal PLOS One.
After falling into a river possibly during a flood, the fungus was carried into a lagoon where it was buried under sediment and fossilised, a scenario backed up by fossils of insects and plants found at the same location.
The water in the lagoon must have been salty and contained little oxygen, which helped preserve the mushroom, according to Heads.
"The fact that this mushroom was preserved at all is just astonishing," he said. "Most mushrooms grow and are gone within a few days."
Mushrooms' soft, fragile structures decay rapidly, making the chances of fossilization extremely low, he said.
All those mushrooms were fossilized in amber.
Fungi evolved before land plants and are responsible for their transition from an aquatic environment, the scientists said.
When "Gondwanagaricites magnificus" were growing, the very first flowering plants were appearing, undergoing major evolution, Heads said.
"There were dinosaurs stomping around, pterosaurs flying around in the sky -- lots of different fauna.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
